Identity verification firm Veriff raises $69m in Series B funding round
Estonian identity verification firm Veriff has raised $69 million in Series B funding from a round led by IVP and Accel.
Founded in 2015, Verifff has raised a total of $92.3 million across six funding rounds. The firm offers automated verification software it claims is powered by machine learning algorithms.
Veriff says it will use the new funding to keep building on its presence in the US, and work on improving its ability to provide accurate identity verification.
The firm requires users to record a video of themselves, which is analysed frame-by-frame by artificial intelligence (AI).
Estonia has an entrenched digital identity culture. The country’s 1.3 million inhabitants are able to access a range of services using government-issued documents. Tax payments, voting, and healthcare are all accessible online using the system.
“The only thing you can’t do in Estonia online is get married,” Veriff CEO and founder, Kaarel Kotkas, tells Forbes.
“You still have to show up in person, but all other services are available. The same thing now is available on a global scale through our technology.”